IKIO Lighting IPO subscribed 66.29 times on last day of subscription

The Initial Public Offering (IPO) of LED lighting solution provider IKIO Lighting was subscribed 66.29 times on the last day of subscription on Thursday, helped by overwhelming participation from institutional buyers. The Rs 606.5-crore initial share sale received bids for 1,00,92,76,892 shares against 1,52,24,074 shares on offer, according to NSE data.

The Qualified Institutional Buyers (QIBs) category was subscribed 163.58 times, the portion for non-institutional investors received 63.35 times subscription and Retail Individual Investors (RIIs) quota got subscribed by 13.86 times. The IPO had a fresh issue of up to Rs 350 crore and an offer of sale of up to 90 lakh equity shares.

Price range for the offer was at Rs 270-285 a share. On Monday, IKIO Lighting Ltd said it has mobilised Rs 182 crore from anchor investors. Proceeds from the fresh issuance worth Rs 50 crore will be used for debt payment, Rs 212.31 crore in the company’s wholly-owned subsidiary IKIO Solutions to set up a new facility at Noida, Uttar Pradesh, and for general corporate purposes.

IKIO Lighting is a manufacturer of light-emitting diode (LED). It is primarily an original design manufacturer (ODM).It designs, develops, manufactures and supplies products to customers, who then further distribute these products under their brands.

It has four manufacturing facilities with one located in the SIDCUL Haridwar industrial park in Uttarakhand and three in Noida in the national capital region. The shares of the firm are proposed to be listed on BSE and NSE. Motilal Oswal Investment Advisors was the manager to the offer.